KUALA LUMPUR: Sunmow Holding Bhd
has entered into a joint venture agreement (JVA) to develop land measuring approximately 157 acres in Pekan Kota Kinabatangan, Sabah with an estimated gross development value of RM366mil.
In a filing with Bursa Malaysia, Sunmow said its wholly owned subsidiary, Sunmow Construction Sdn Bhd (SCSB) has entered into an agreement with Kinabatagan District Council for the proposed development.
Under the JVA, the council contributes the land for the project and SCSB as the developer, designs, constructs, finances, manages and sells the units in the project at its own costs and expenses.
It said the proposed development would be funded by internally generated funds and/or project financing.
“Sunmow is confident that the JVA will lead the district of Kinabatangan to strive for its new heights. The JVA will provide an opportunity to strengthen Sunmow Group’s financial earnings and to expand to diverse complementary revenue streams to deliver value to shareholders,” Sunmow said.
